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Our most recent market action report was issued yesterday.

January 2018 RMLS™ Market Action Report

January Residential Highlights

The Portland metro area saw plenty of pending sales and new listings this January.

Pending Sales

Pending sales at 2,311, outpaced January 2017 (1,990) by 16.1% and December 2017 (1,757) by 31.5%. It was the strongest January for pending listings in the metro area since 2007, when 2,544 offers were accepted in January.

New Listingshttp://bettyjung.com

New listings, at 2,486, outpaced January 2017 (2,212) by 12.4% and December 2017 (1,617) by 53.7%. I am not surprised that there was an uptick of listings in December and January.

Weather plays a big part in our real estate activity here in our area.  December saw only a dash of snow Christmas eve, compared to none in January.

Closed Sales

Closed sales, at 1,628, cooled 11.9% from the 1,847 closings recorded last year in January 2017 and 30.7% from the 2,350 closings recorded last month in December 2017.

Inventory

Inventory rose a bit in January, ending at 2.2 months. During the same period, total market time increased by five days to end at 60 days. There were 3,518 active residential listings in the Portland metro area in January.

Average and Median Sale Priceshttp://bettyjung.com

Comparing the average price of homes sold in the twelve months ending January 31st of this year ($430,100) with the average price of homes in the twelve months ending January 2017 ($399,600) shows an increase of 7.6%. In the same comparison, the median has increased 8.6% from $350,000 to $380,000.

Lake Oswego Real Estate Inventory

Here in Lake Oswego, we have a 3 month supply of houses for sale, up from 2.9  months in December.

Summary

http://bettyjung.com

Courtesy Mike Popnoe, Mortgage Trust

Prices continue to increase and we are still in a seller’s market. Although interest increases have started, I won’t know until next month how that impacted our February 2018 real estate activity.

I am seeing more and more houses come on the market for sale, while not as much activity in the pending or sold categories.  But we are heading into prime selling season, and I know many sellers are getting their homes ready for sale, and with interest rates increasing, buyers are also ready to act.http://bettyjung.com

 Interest Rates as of February 14, 2018

http://bettyjung.com

Courtesy Mike Popnoe, Mortgage Trust

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low but are increasing, and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

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Our RMLS™ Market Action Report was issued recently and you can view my post here.

Have you ever wondered what the median price of homes would be in each of the Portland Metro Real Estate https://lakeoswegorealestateblog.wordpress.com/markets?

Lake Oswego Real Estate 2017 Median Home Prices

Here are the final median prices for all the Portland real estate metro areas as we ended 2017:

  • NW Washington County/Sauvie Island – $502,500
  • Hillsboro/Forest Grove – $352,500
  • Yamhill County – $307,800
  • Beaverton/Aloha – $354,500
  • Tigard/Tualatin/Sherwood – $412,000
  • Lake Oswego – $597,500
  • Oregon City/Canby/Molalla/Beavercreek – $375,000
  • Milwaukie/Gladstone/Boring/Clackamas/Estacada – 385,000
  • SE Portland – $350,000
  • West Portland – $499,000
  • Gresham/Troutdale/Sandy/Corbett/Fairview – $322,000
  • Mt. Hood/ZigZag/Welches/Brightwood/Government Camp – $239,300
  • NE Portland – $379,000
  • North Portland – $390,500

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

December Residential Highlights

The Portland metro area saw mixed numbers this December, but new listings made gains compared to December 2016.

New Listingshttps://lakeoswegorealestateblog.wordpress.com/

At 1,617, new listings showed a 13.8% increase compared to December 2016, despite a 33.1% decrease from last month in November 2017 (2,416). This was the strongest December for new listings in the Portland metro area since 2011, when 1,700 new listings were offered. We are, however, at all time record lows for the number of houses for sale.

Pending Sales

Pending sales (1,757) exactly matched the 1,757 offers accepted last year in December 2016 but showed a 25.9% cooling from the 2,371 offers that were accepted last month in November 2017.

Closed sales, at 2,350, ended with a 10.3% decrease from December 2016 (2,621) and fell 1.6%

Year to Date Summary

Activity in 2017 was a little cool compared to 2016. New listings (40,805) decreased 0.8%, closed sales (31,624) decreased 3.6%, and pending sales (31,330) decreased 5.7%.

Average and Median Sale Priceshttps://lakeoswegorealestateblog.wordpress.com/

Prices continued to rise in the Portland metro area in 2017. Comparing the entirety of 2017 to 2016, the average sale price rose 8.5% from $395,000 to $428,700. In the same comparison, the median sale price rose 9.5% from $347,000 to $379,900.

 YEAR-END INVENTORY

https://lakeoswegorealestateblog.wordpress.com/How did the Portland real estate market fare in 2017? The Business Journal just issued their 2017 rating the top 25 real estate markets in the Portland metro real estate market.  You can view how each Portland metro real estate area ranked here.

Lake Oswego real estate ended 2017 with 2.9 months of inventory.  Although higher than the 1.9 months of inventory Portland saw at year’s end, Lake Oswego inventory had been higher in previous months.

SUMMARY

The latest economic forecasts for 2018 are pouring in from everywhere.  Some hint at a possible recession or bubble.  While they, nor I have a crystal ball, real estate is local, even street by street.  What happens back East or anywhere else, may not happen here in the Pacific Northwest.

The one recurring theme, however, is that there will be a slow down.  Some look at that as a bad thing, whereas in our Portland real estate market, it is not necessarily so.  The wild and frenzy real estate market we have had the past several years, is now slowing down, and for many reasons.  That real estate frenzy was not sustainable and real estate always has its ups and downs. With a lack of inventory, prices will continue to increase.  Some areas are “hotter” than others.

I personally feel there will be no bubble.  As to a recession, again I have no crystal ball.  We are edging ever-so slowly to a more normal market, which is good. However, in the 39 years I have been selling real estate, one thing I know for sure, is that people always, no matter the interest rate, purchase homes.

Unlike during the “hot housing market” up until 2007, which was fueled by crazy mortgages and home loans, the current market will slow and will depend on interest rates and supply and demand.

There is still a back log of buyers and sellers now is the time to sell.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Yesterday I was asked by a client for the price appreciation in different areas of our Portland metro real estate market.  While I post that information here and in my Jung’s Journal (real estate newsletter), I thought I would update this blog with the latest stats available.  Again, year-end and December stats will not be published by RMLS™ until mid-January.

PRICE APPRECIATION PORTLAND METRO AREAS

As of our November RMLS™ stats, here is each area of our Portland real estate market with the year-to-date price appreciation rates:

  • North Portland – 5.8%
  • Northeast Portland – 8.3%
  • Southeast Portland – 8.3%
  • Gresham/Troutdale – 11.1%
  • Milwaukie/Clackamas – 9%
  • Oregon City/Canby – 7.7%
  • Lake Oswego/West Linn – 9.4%
  • West Portland – 4.3%
  • NW Washington County – 8.4%
  • Beaverton/Aloha – 9.6%
  • Tigard/Wilsonville – 6.9%
  • Hillsboro/Forest Grove – 11.4%
  • Mt. Hood – 18.6%
  • Columbia County – 12.7%
  • Yamhill County – 13.1%

Price Appreciation

Your street or your neighborhood may have different appreciation rates. These percentages are based on a lot of mostly general factors and may be different than what is pertinent for your home.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Quite a while ago I heard a speaker say it is always either a real estate market that favors sellers or a real estate market that favors buyers and there is no such thing as a “normal” real estate market. Markets either go up or down and rarely are there any balanced real estate markets (favoring both buyers and sellers).Copyright Betty Jung

Lake Oswego Real Estate Market

I have to agree somewhat as in the many years I have been selling Lake Oswego real estate now, each real estate market has been different.  And, there have only been a few times when I have seen where we have had a balanced real estate market.

What Is A Normal Lake Oswego Real Estate Market?

Can we say that the years during the height of the real estate boom we had a “normal” market?  Can we say that during the “great recession” that it was a normal real estate market”?  I don’t think so.

We sometimes say that a Lake Oswego real estate market is “balanced” when it has between 5-6 months (or under 7 months) of inventory, favoring both buyers and sellers. But most times, that balanced market is very short lived, because our Lake Oswego real estate market quickly turns toward favoring either only the buyers or only the sellers again.

A Look At Past Lake Oswego Real Estate Markets

What we do know is:

  • November 2017 — Lake Oswego had 3.4 months of inventory (compared to Portland which had 1.9) favoring sellers.
  • November 2010 — Lake Oswego had 12.9 months of inventory (compared to Portland which had 10.2) favoring buyers.
  • November 2007 — Lake Oswego had 8.7 months of inventory (compared to Portland which had 8.3) favoring buyers.
  • November 2000 – Lake Oswego had 8.6 months of inventory (compared to Portland which had 8.9) favoring buyers.

Lake Oswego sellers have been in their “happy place” for quite a while, but as inventory of houses increases, there will once again be a shift. However, we are still in a seller’s real estate market.

Will that happen in 2018? I personally think it will take all, if not most, of 2018 to get to where our Lake Oswego real estate will once again favor buyers, if at all.  But if you have been following this blog, you have seen that it is slowly, very slowly, creeping towards that direction.

We don’t have the year-end stats yet and how December looked in 2017.  Those RMLS™ stats will be published mid-January and I will post the information here.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Lake Oswego Real Estate November 2017 RMLS™ Market Update

November Residential Highlights

The Portland metro area saw new listings make gains this November compared to November
2016.

NEW LISTINGShttps://lakeoswegorealestateblog.wordpress.com/

There were 2,416 new listings offered, a 16.2% increase from the2,080 new listings offered last year in November 2016, but a 19.0% decrease compared to last month in October 2017 (2,981).

PENDING SALES

Pending sales (2,371) similarly increased 4.6% compared to November 2016, but fell 12.3% short of the 2,705 offers accepted last month in October 2017.

CLOSED SALES

Closed sales, at 2,387, fell 1.9% short of the 2,434 closings recorded in November 2016 and 6.9% short
of the 2,565 closings recorded in October 2017.

INVENTORY OF HOUSES FOR SALE

November saw inventory tighten slightly to 1.9 months, with total market time increasing to 51 days.

YEAR TO DATE SUMMARY

Year to Date Summary Activity has been cooler so far in 2017 compared to 2016.

NEW LISTINGS AND PENDING SALES

New listings (39,103) are down 1.2%, closed sales (29,098) are down 3.0%, and pending sales (29,628) are down 6.2%.

AVERAGE AND MEDIAN SALES PRICES

Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through November, the average sale price rose 8.7% from $394,800 to $429,000. In the same comparison, the median sale price rose 9.5% from $347,000 to $379,900.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Lake Oswego Real Estate October 2017 RMLS™ Market Update

October Residential Highlights

The Portland metro area saw cooler numbers almost across the board this October.

New Listingshttps://lakeoswegorealestateblog.wordpress.com/

New listings made the solitary gain—the 2,981 new listings offered outpaced October 2016 by 1.8% despite a 18.2% decrease from last month in September 2017.

Closed Sales

Closed sales, at 2,565, fell 0.9% short of the 2,589 closings recorded last year in October 2016 and 3.6% short of the 2,660 closings recorded in September 2017.

Pending Sales

Pending sales (2,705) fared similarly, showing a 4.8% decrease from October 2016 (2,841) and a 0.9% decrease from last month in September 2017.

Inventory Of Houses For Sale

Inventory decreased slightly to 2.1 months in October, with total market time increasing to 44 days.

Year to Date Summary

Activity has been cooler so far in 2017 compared to 2016. New listings (36,614) are down 2.1%, closed sales (26,551) are down 3.0%, and pending sales (27,385) are down 7.1%.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through October, the average sale price rose 9.0% from $393,900 to $429,400. In the same comparison, the median sale price rose 10.1% from $345,000 to $379,900.

Lake Oswego Real Estate Market

The Lake Oswego Real Estate market is still a seller’s market.  Last October 2016 we had fewer houses for sale than we do this October 2017. Lake Oswego had 2.8 months of houses for sale in 2016, while this October 2017, we had 3.2 months of houses for sale. And in September 2017, Lake Oswego had 3.7 months of houses for sale.

While inventory of houses for sale has increased, we are not yet at what is considered to be a “normal” real estate market – favoring both buyers and sellers. There are still multiple offers in certain sub-markets of the Portland metro real estate areas and above asking price offers occasionally as well.

If your house is still on the market since Spring or Summer and you have not lowered your asking price, now is definitely the time to do so.  Many sellers who still have the higher Summer asking prices are not seeing a sale. As we are approaching an even slower real estate market due to seasonal changes such as Winter and the holidays, if you want your home sold still in 2017, reduce your asking price now.

Getting Your Home Sold

One of my recent sales had all the bells and whistles and the home showed beautifully.  Everything inside was immaculate.  However, what I call the “bones” were not properly maintained or taken care of.  The gutters were packed full, the furnace was filthy, the roof needed maintenance, etc.  All of these things, and other items of neglect, should have been taken care of BEFORE placing that home on the market.

Required maintenance of your home doesn’t disappear when you are getting your home ready for sale.  If you haven’t taken care of those issues prior to selling, you definitely need to take care of them before an offer is received.

Not only do I blame this neglect on the owners, but I also place some responsibility on the real estate broker.  These issues are items I discuss with potential sellers before I list their home.  They appear as stumbling blocks, or items of negotiation when an offer is received.  Eliminating those issues make for much smoother negotiations and transaction.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

September Residential Highlights

Lake Oswego Real Estate RMLS™ Market Action Report September 2017

Portland saw cooler activity across the board this September.

New Lihttps://lakeoswegorealestateblog.wordpress.com/stings

New listings at 3,644, fell 0.8% short of the 3,673 listings offered last year in September 2016 and 10.0% short of the 4,048 listings offered last month in August 2017.

Closed Sales

Closed sales, at 2,660, ended 5.8% below the 2,823 closings recorded in September 2016 and 12.3% below the 3,034 closings recorded in August 2017.

Pending Sales

Pending sales, at 2,730, similarly decreased 4.4% from September 2016 (2,857) and 11.1% from August 2017 (3,072).

Days On The Market

Total market time in September rose three days to end at 37 days. Inventory creeped up to 2.3 months in the same period. There were 5,998 active residential listings in the Portland metro area this September.

Year to Date Summary

Activity has been cooler so far in 2017 compared to 2016. New listings (33,560) are down 2.5%, closed sales (23,811) are down 3.2%, and pending sales (24,859) are down 7.2%.

Average and Median Sale Priceshttps://lakeoswegorealestateblog.wordpress.com/

Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through September, the average sale price rose 9.2% from $392,600 to $428,800. In the same comparison, the median sale price rose 10.1% from $345,000 to $379,900.

Lake Oswego Real Estate Market

If you have been following my blog you will have read where I posted that I had noticed our real estate market slowing down at the beginning of May 2017.  We are edging up in inventory – now at 2.3 for the Portland metro area and the Lake Oswego/West Linn market at 3.7 months.  We are still definitely in a seller’s market but if we get closer to 5-6 months of inventory, we will be what we consider to be a “normal” market favoring both buyers and sellers.

There are still some price ranges and areas that are seeing multiple offers.  However, I am seeing more contingency sales (subject to buyer’s house selling), closing costs paid, and less than list price sales.  Year-to-date prices in Lake Oswego rose by 8.9%.

We are also approaching the time of year where typically we see a seasonal decline in sales.  Right before the holidays, there is a mad dash when buyers want to be in their homes before Christmas or move in over the New Year’s.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Lake Oswego Real Estate August 2017 RMLS™ Market Update

I knew as soon as I posted the July report, the August report would follow shortly thereafter. The latest report was just issued.

AUGUST 2017 RMLS™ Market Update

August Residential Highlights

August brought mixed activity to the Portland metro area, but closed sales saw some modest gains. At 3,034, closings rose 1.1% compared to last year in August 2016 (3,001) and 8.6% compared to last month in July 2017 (2,793).

Pending Sales

Pending sales, at 3,072 for the month, edged 1.1% over July 2017 when 3,040 offers were accepted but fell 7.6% short of the 3,325 offers accepted last year in August 2016.

New Listings

New listings, at 4,048, ended 3.7% under both July 2017 when 4,202 new listings were offered, and August 2016 when 4,203 new listings were offered for the month.

Inventory of Houses For Sale and Days On The Markethttps://lakeoswegorealestateblog.wordpress.com/

Inventory decreased to 2.0 months in August. During the same period total market time increased by one day, ending at 34 days. There were 5,940 active residential listings in the Portland metro area in August.

Year To Date Summary

Activity has been cooler so far in 2017 compared to 2016. New listings (29,852) are down 2.6%, closed sales (20,990) are down 2.7%, and pending sales (22,296) are down 7.6%. You can see overall, that the real estate market in Portland is not as “hot” as it was last year.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through August, the average sale price rose 9.3% from $392,600 to $429,000. In the same comparison, the median sale price rose 10.7% from $343,200 to $379,900.

Lake Oswego Real Estate August Stats

Inventory of houses for sale in Lake Oswego is now close to 3 months.  It is still a seller’s market in Lake Oswego, but if it gets to 5-6 months of inventory, we will see a shift.  Lake Oswego prices increased 8.6% compared to Portland prices that rose 9.3% within the last 12 months.

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

As I sit in front of my computer, I see I have not posted in over a month here on my blog.  Where the heck did the time go?  In addition, I see I did not post the latest RMLS™ Market Update July 2017 (with June stats) and a new update for August (with July stats) will be out in the next day or so. So before I get too far behind, here is the latest RMLS™ Market Update.

Lake Oswego Real Estate RMLS™ Market Update July l2017

At the beginning of May, I personally noticed a slowdown in our local real estate market here in Lake Oswego.  I started posting my beliefs in my “This Week Stats’ category here on my blog.

While I had no stats to support my hunches, I knew there was a shift happening.  Our RMLS™ stats, which only reflect the previous month and are not current on a daily basis, was not providing stats to support what I was seeing.  In addition, the Case-Schiller Report also reports only on stats from the previous 3 months, and again was not indicating a slowdown.  The Altos Research stats are weekly, and there again, I was not seeing anything to support my feelings that a slowdown was happening.

It became difficult for me to inform my sellers and buyers that days on the market were increasing, there was an increase in inventory, and some areas had seen price decreases etc. because there were no stats supporting that as yet.

However, in July, the national media reported that June had seen a decrease (that would account for a slowdown in May).  Again in July, the national media again reported there was another decrease in July.  And, finally, Altos Research, which reports on neighborhoods, zip codes, cities weekly, also started to report what I was seeing. Locally nothing was being reported  about a slowdown yet.

In the many Facebook real estate groups I belong to, agents there didn’t say they saw any noticeable differences either until July while I had seen it at the beginning of May already.

This July 2017 RMLS™ Market report (which is based on June stats) also now is reporting the slowdown.  Is it seasonal?  Is it the start of a continuing trend?  What I know is that there is not as much of a frenzy as there had been.  While multiple offers still exist in certain areas and at certain price points, the multiple offers over list price as slowing down. How did I see a slowdown happening so early?

I call local real estate agents the “boots on the ground”. I was out there writing offers that were no longer in multiple offer situations, there was more inventory to show, immediate offers as soon as my listings came on the market didn’t appear, and buyer activity/showings on my listings had slowed.

Not All Bad News

While you might think this is bad news, in many ways it is not.  Buyers were exiting the market because of the frenzy and hopefully this will bring buyers back into the Lake Oswego Real Estate Market and into the Portland Metro Real Estate Market.  Interest rates are still low and sellers are experiencing an increase in equity as prices are well above the pre-recession era.  It is still a seller’s market and it is still a good time to sell or buy.

July Residential Highlights

Portland real estate activity cooled a bit this July.

Closed Sales

Closed sales, at 2,793, cooled 12.4% from June when 3,187 closings were recorded, although these sales pushed 0.6% past the 2,776 closings recorded last year in July 2016.

Pending Sales

Pending sales, at 3,040, fell 7.9% short of the 3,302 offers accepted last year in July 2016 and 6.6% short of the 3,254 offers accepted last month in June 2017.

New Listingshttps://lakeoswegorealestateblog.wordpress.com/

Similarly, new listings (4,202) showed a 3.9% decrease compared to July 2016 (4,372) and a 11.3% decrease compared to June 2017 (4,739).

Days On The Market

Total market time decreased by five days in July, ending at 33 days. In the same period, inventory crawled up to 2.1 months.

Year to Date Summary

Activity has been cooler so far in 2017 compared to 2016. New listings (25,723) are down 2.4%, closed sales (17,807) are down 3.3%, and pending sales (19,390) are down 7.6%.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through July, the average sale price rose 9.3% from $391,600 to $428,000. In the same comparison, the median sale price rose 11.2% from $340,000 to $378,000.

This Week Stats

I will continue to report on the most up-to-date information I have in my This Week Stats category here on my blog for Lake Oswego. However, if you want specific information as to your street or neighborhood, please let me know as I can also provide that for you anywhere in the Portland metro area.

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

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Contact Betty Jung

Betty Jung, Broker
REALTOR®
CRS, GRI, ABR, SRES, CNHSS

MORE Realty, Inc.
14945 SW Sequoia Parkway, #150
Portland, OR. 97224

503-804-9685 Cell

or email:betty@bettyjung.com

"Selling Real Estate Since 1978. There Is No Substitute For Experience!"

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